Pension increases
In payment, your pension increases on 1 April each year. Parts of your pension may receive different increases.
For your Final salary plan pension
- Pension you built up before 1 January 2008 goes up each year in line with inflation up to 5% (apart from any Guaranteed Minimum Pension (GMP) element).
- Pension you built up from 1 January 2008 to 30 June 2012 while on the 7% contribution rate goes up each year in line with inflation up to 3%.
- Pension you built up from 1 January 2008 to 30 June 2012 while on the 8.5% contribution rate goes up each year in line with inflation up to 5%.
The first increase to the Final salary plan part of your pension after you retire may be a part year’s increase to reflect the period from your retirement date to 1 April.
Guaranteed Minimum Pension (GMP)
Before 6 April 2016, the Fund was 'contracted out' which means that you and Unilever paid lower National Insurance, and the Fund must meet certain requirements relating to the second level of State pension (S2P – previously known as SERPS).
For your Career average plan pension
- Pension you built up from 1 July 2012 on the 5% member contribution rate goes up each year in line with inflation up to 3%.
- Pension you built up from 1 July 2012 on the higher member contribution rate goes up each year in line with inflation up to 5%.